Comments

Well..if the two apartments need gut renovation that's another $200,000 so it comes to over $2 mil for this building. In order to break even on this building the rents would have to probably be in the range of $4,000/mo for each unit. For 1250 sq ft that seems like a lot. I have a client on that block a few doors down and he told me that the beer hall on that block isn't helping a bunch. I doubt the building will go for more than $1,250,000. Usually when a building sells the landlord hopes for 10 times the rent roll and the buyer usually ends up paying about seven.

That building had previously been offered by Massey Knakel for $1.35M, and as of the beginning of this year, it was in contract. (In fact in the pic posted above the for sale banner appears to be Massey Knakel's, but if you open the pdf link the banner has changed.) I don't have any further details; just thought I'd throw this out there for your interest.

Insurance companies are only looking for about $150/sq ft for replacement cost on a property so the rest of this asking price is based strictly on location. But still, more than three times the amount is a hell of a lot.

And I don't know why you would call it ugly or shit. It looks like a perfectly nice Italianate brownstone-pointed townhouse to me.

That said, the ask is well over $600 per square foot of net living space, given the listed square footage is just the building dimensions and doesn't even account for the thickness of the exterior walls, much less any mechanicals, staircases, or common areas. That strikes me as unreasonably high for an unrenovated space, probably 50% higher than it should be.

Also, finally, anecdotes about someone who bought something some other time for some other price are not really how the real estate markets establish value.

Appears to be R7A which is a FAR of 4.0. They could add a floor or even two, which is probably what the seller would have to count on to make anywhere close to their sale.

whynot, have you noticed the building on the east side of Rogers south of the corner of Sterling? It used to be a two-story shell without a roof. Now it's a modern, four-story rental. They did a nice job on it.

Sofreh, and it is going to be upscale Persian. Chef will be the owner's wife, and some of their family will live in the building. I think it's going to be a positive addition to the neighborhood, but we'll see!